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China's retail sales forecast to grow 10.3% in 2016

China's retail sales are likely to grow 10.3 per cent in 2016, the official People's Daily overseas edition reported on Wednesday, citing the China General Chamber of Commerce.

PHOTO: BLOOMBERG

[BEIJING] China's retail sales are likely to grow 10.3 per cent in 2016, the official People's Daily overseas edition reported on Wednesday, citing the China General Chamber of Commerce.

Growth in consumption is stabilising due to positive signs in the economy including a recovery in power consumption and increasing exports, Wang Yao, vice president of the CGCC said, according to the newspaper.

China's retail sales beat expectations in August with growth accelerating to 10.6 per cent from 10.2 per cent the previous month. Analysts had forecast an increase of 10.3 per cent.